Kenneth Rijock

Kenneth Rijock

Thursday, June 14, 2012

FED SAYS INSUFFICIENT AML CONTROLS AT COMMERZBANK

Readers who wish to review the complete text of the Federal Reserve Agreement with Commerzbank can view it here*. The German bank's New York office, according to the agreement:

(1) Had no appropriate internal controls and no independent testing for its bulk cash transactions business line.

(2) Had inadequate customer due diligence on its correspondent account.



No monetary fine was assessed.
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*Docket No.: R-042-WA/RB-FB

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